Where Did All the Siacoin Go? What happened?

Siacoin (SC) is the network’s native cryptocurrency, and it’s widely regarded as a game-changer in the decentralized finance (Defi) industry. Whether you’re contemplating putting money into the Sia blockchain, but you’re not sure if it’s a good idea or if it will pay off, you’re not alone in those feelings. This page should address any questions you may have.

How have Siacoin Prices Changed Historically?

Let’s go back in time and take a look at Siacoin’s past so we can comprehend its current situation.

  • After its August 2013 debut at a price of $0.00004, Siacoin’s value did not change much over the next two years. On December 28th, 2015, the price dropped to a record low of $0.000012621240.
  • The first noticeable increase occurred between 30 April and 22 June of 2017 in response to Sia’s ‘Capricorn’ update.
  • On January 6, 2018, the price hit a record high of $0.093. The price of siacoin only stayed at that level for a short while before beginning a gradual decline.
  • Since the beginning of the year 2021, SC prices have been steadily increasing; in April, the currency finally managed to push through the $0.058 barrier level.
  • Its value, however, quickly dropped again until September 2021, when it finally managed to break over the $0.025 barrier level. However, the rise was brief, as the currency promptly dropped to $0.013 following the spike.
  • As of the 18th of June 2022, the price of a single SC is $.0034.

Siacoin’s price has been fluctuating since its introduction, and you can see the whole story in one handy chart.

How much Siacoin will cost in the future?

Assuming the project can routinely add more cloud storage capacity, there is adequate room for the SC to grow in the future, according to the Siacoin price prediction 2030. Due to the drawbacks of the centralized storage system, Sia Platform has a great opportunity to become the most popular cloud storage solution in the market.

  • The technical analysis suggests that by 2022, SC will have risen beyond $0.01.
  • In terms of 2023, the technical analysis does not portray a very optimistic picture for the first half of the year. SC might go over $0.016 in the second half.

Currently, Siacoin has certain problems

The decline in Siacoin price may be attributed to a number of different factors.

  1. Technically, their mainnet had a lot of problems with scalability, and it was very sluggish and costly to use. Thus, Siacoin lost its popularity and was soon forgotten by its former users.
  2. In the past, even if you had 0.001 Bitcoins, it wasn’t enough to save any data in their blockchain since the necessary minimum deposit was 1000 SC (equivalent to 0.01 BTC at that time.)
  3. They lowered the price because consumers had become impatient waiting for improvements that would make the product easier to use.
  4. Concerns were raised regarding the major developer, Nebulous Inc., and their handling of finances and promotion of the project, and they came under criticism as a result.
  5. Some users have had trouble with the software’s complexity and setup.

Should you put money into Siacoin?

Even while SC’s current price may not excite investors, there’s no denying that Sia’s decentralized cloud storage idea is a huge win for the industry. The initiative has promised over the long run; as the project develops and the community expands, the SC will acquire the price momentum. Staying invested for the long haul is more important than trying to cash out quickly since the latter strategy is more likely to end in failure.

You cannot trade cryptocurrencies without a wallet. If you are looking for a verified Ravencoin wallet, read the selection and choose your best Ravencoin wallet.

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